Tesla to stop supplying batteries for Toyota

May 12, 2014
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Toyota Motor offers the RAV4 EV. / Toyota

by Chris Woodyard, USA TODAY

by Chris Woodyard, USA TODAY

With its own crossover in the works, electric-vehicle maker Tesla Motors says it is going to stop supplying battery packs and motors for Toyota, which uses them in the electric RAV4.

"Toyota is expected to end the current RAV4 EV model this year," Tesla said in a quarterly financial disclosure filed Friday with the Securities and Exchange Commission. It says the deal was worth $15.1 million.

Toyota doesn't break out the sale of the electric version of its RAV4, but it's fair to say it's a small-volume vehicle. Yet, it has roughly the same powerplant as the Tesla Model S for up to half the cost. The electric RAV4 retails for about $50,000.

Tesla's filing said the company recognized $15.1 million in automotive sales revenue under the deal during the three months ended March 31. That compared with $14.4 million for the same period last year.

Meanwhile, Tesla is working on its own crossover. The Model X, as it is known, has been delayed, but when it hits the market it should be fairly startling, with upward-opening gullwing doors for back-seat passengers. It is likely, however, to cost a lot more more than the electric RAV4.